On the Market

Long Island City Development Site Up for Sale

Brookfield Financial Real Estate Group has announced it is accepting bids for the 27-21 44th Drive development site in the Court Square area of Long Island City, Queens.

Court Square (Photo: Al Barbarino)

Court Square (Photo: Al Barbarino)

The firm, retained as the exclusive sales agent for the development site, with Eric Anton, Ron Solarz and Eric Weinberg spearheading the sales effort, is asking $23.5 million.

The site is comprised of three adjoining lots zoned (R9/M1-5/LIC) for residential use, located mid-block between 44th Drive and Purves Street, with roughly 114,400 square feet of zoning floor area.

The Court Square area of Long Island City became a vibrant neighborhood after a boom in residential and commercial development spurred by a 2001 re-zoning initiative, experiencing what Brookfield called “an explosion of new residential development” in recent years, with nine finished or planned projects within a one block radius of the development site.

The 50-story Citigroup tower at One Court Square once stuck out like a sore thumb, amid low-lying warehouses and car repair shops, but a melting pot of artists and creative types has worked together in the neighborhood for many years, shops, restaurants and cafes with an artisanal vibe sprang up.

Brookfield Financial Real Estate Group is owned by Brookfield Asset Management, a global asset manager with over $175 billion of assets under management.

A message left with the sales team was not returned in time for publication, but the firm said in an announcement that all bids are due by end of day on November 14.

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